South Korea’s Jeonbuk Bank Taps Ripple as Asia’s Crypto Regulation Race Intensifies

South Korea’s Jeonbuk Bank has teamed up with Ripple to launch a faster, cheaper cross border payment system for businesses, including exporters and tech startups. Meanwhile, lawmakers introduced a bill expanding the Financial Intelligence Unit’s power to investigate unregistered crypto firms, and regulators ruled Polymarket’s structure amounts to illegal gambling despite its blockchain-based design.

Japan and Malaysia Expand Digital Asset Ambitions

Japan’s SBI Group led a $68 million funding round for stablecoin platform Fasset at a $1 billion valuation, with plans to launch a joint digital bank in Malaysia. Separately, Nomura’s Laser Digital became the first company in four years to receive a crypto exchange license from Japan’s regulator.

Pakistan and UAE Push Regulatory Frameworks Forward

Pakistan officially opened its crypto licensing portal, giving existing firms until September 5 to apply for approval. In the UAE, Capital.com’s affiliate secured a license to offer spot crypto trading, while Hong Kong saw its first bank distribute a newly regulated local stablecoin.